New-York tribune., 1887-05-16
MONEY IND B TSINESS.

MONEY And BUSINESS.
Stock spectators continue to make mystery
of nc loss of money by the banks. A week ago
tle fashionable suggestion was that the cur
rency was placed on special deposit to evade
the payment of taxes May /. This week an
approaching settlement in some great railroad
negotiation, the Baltimore and Ohio or some
other Is supposed to account in some unex-
planned way for disappearance of funds
which is "only temporary" Meanwhile q
Washington dispatch states that Government
rocepts this month have already exceeded dis
bursemens by moro than $l0,OOOoOO, ana
Chicago dispatch states that the wheat ring,
which was said to hold al ,OOOOoo ouSnes
week ago, bought several million more on Sat
urday, and Chicago exchange on Now orK
was at 25 cents discount. The only mystery
about the loss OF money under such clrcum-
stances is that it has not been greater and the
addition of Mr.. Manning's bank to the list OF
institutions through which Government flnds
may be used possibly has some bearing on
financial problems. During the last week tho
Treasury appears TO haye gained $20O,OOo In
gold. $6O0,000 in silver, $500,O0O legal
tenders, S400, 600 trade dollars, and SS43, 500
in deposits with banks.
Another feature of the situation that Will
bear watching is that exports are declining
seriously, but sterling exchange tends to-
ward lower rates. Exports from this port
for two weeks have been $9l3,OOO
less in value, or nearly per cent, than
last year, while tho imports at New York
have been $4,000 in value larger, or per
cent more than last year. The preliminary
statements for April now published, show an
aggregate $7.2l3. .544 less than for the same
month In 1886 for exports of breadstuifs, cot
ton. beef, pork and dairy products, cattle and
OIL The remaining exports last year were
Sl5.9O7,OSl in value; il there should be
neither increase nor decrease in these and the
iu1orts elsewhere should prove to have in
creased az N uch as at NewYork, the excess of
imports over exports for April would exceed
Sl6.750, 900, and no such excess has been wit
messed since May, 1892 nor with that excep-
tior since the food tide of imports in 1872.
tremendous drouth and loss of crops explained
the excess five years ago, and the Interstate
bill and spectators combined seem TO have
made it exceedingly convenient just now Tor
foreigners to become owners Of American rail-
ways.
Whether in response to foreign buying or
not, the stock market moved up last week just
ST. 25 per share in the average, and at The same
time another large batch Of new securities was
added to the list. Earnings of thirty-seven
roads for the first week of May show an In
crease of 15l2 per cent over the same week
last year, but the extensive strikes at the west
and the preparations for a change or gauge on
Southern roads so affected earnings year ago
that tho comparison needs to be recely cd with
caution The April statement by The Fihdn-
ciol Chronicle embraces LOG roads, showing a
gain of Is per cent in gross earnings. with an
increase of per cent in mileage. Considering
the higher rates obtained tins year than last on
nearly all traffic, it seems clear that tho hgures
do not Indicate an increase but decrease In
quantities of products moved, though to the
railroads they give encouraging evidence that
the new law, with all its interruptions OF ac-
customed channels OF trade, does not yet
seriously injure them. Indeed, it is suggested,
in view of the rapid progress of railroad build
ing, that the law may 80 iDtrench new and
local roads against older and more powerful
competitors as to remove the chief hlndrance
to the construction of sucl lines.
The statement Of iron furnaces in blast May
1 is Incomplete, lacking the charcoal furnaces,
but showing an increase of 217 tons in weekly
output of anthracite and Lib tons of bitumi-
nous iron. lf charcoal production is as large
as it was April /, the aggregate reaches
I39, 239 tons, and the decline in prices indi-
Gates that tie demand does not increase with
equal rapidity. But the great strike OF coke
workers at Pittsburg has already caused pro-
duction to be suspended in several furnaces
the widely extending strike of stove mOulders
n f.. nj
and the association OF iron and steel workers
proposes 20 insist upon new scale of wages
involving about 10 per cent advance. On the
other hand, tho anthracite miners have with
drawn their demand aud consented to arbitra-
ton. Other prices havo generally been lower
during the last week wheat has advanced
only half a cent corn and oats have each lost
an eighth, lard quarter and hogs an eighth,
butter two cents, cheese half a cent cotton q
sixteenth, sugar the Same and oil two and
three quarter cents. Tho Western operators
who nre hoistlng wheat have to contend with
tldings of heavy increase in acreage sown in
Dakota and Minnesota and with more favor
able weather. Meanwhile statistics indicate
that there are still In the country available for
export 73,000,000 bushels wheat or Its equiv
alent In flour, In excess Of the minimum supply
always carried over at midsummer, The usual
British demand will be some@ hat prolonged,
however, on account Of tho comparative late
ness OF tho season.
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Tho Board of Estimate has refused 10 Rppropr